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Mortgage Trust launches consumer buy to let

  • 17/03/2016
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Mortgage Trust launches consumer buy to let
Paragon Mortgages will now be accepting applications for consumer buy-to-let via its sister brand Mortgage Trust.

Ahead of the industry implementation date of 21 March, the specialist lender’s online application system is live and ready for intermediaries to submit consumer buy-to-let applications.

All existing products in the Mortgage Trust range will be available to consumer buy-to-let customers.

Paragon will only accept consumer buy-to-let applications submitted by intermediaries who are fully registered with the FCA to conduct consumer buy-to-let business.

Applications that may be impacted include:

• A first-time landlord who is remortgaging a property they have inherited, as they have decided to rent it out (and who is not already a landlord)
• A first-time landlord who chooses not to sell their existing home having then decided to rent it out and finance it with a buy-to-let mortgage

John Heron, director of mortgages, said: “Whilst the proportion of this type of business is not huge across the industry, it is a potentially important gateway to property investment for first-time landlords and should be supported. Intermediaries will need to be registered to submit this type of business to us and we have designed a decision tree within our system to help them identify those applications that fall into this category.”

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